Marketing Essentials Report: Icon College, HND in Business, Unit 2

This report delves into the core principles of marketing, using Marks and Spencer as a case study. It begins by outlining the key roles and responsibilities of the marketing function, emphasizing its crucial role in promoting products and services, expanding the market, meeting customer needs, and managing pricing strategies. The report then explores the interrelationship of marketing with other functional departments such as finance, human resources, R&D, production, procurement, and IT, highlighting the importance of integrated planning to achieve overall business objectives. A comparative analysis of the marketing mix (7Ps) of Marks and Spencer and ASDA is conducted to evaluate their effectiveness in achieving business goals. Finally, the report examines the development and evaluation of strategic business plans, demonstrating how companies adapt to market changes and maintain a competitive edge. The report concludes with an overview of how Marks and Spencer uses various communication tools to promote its products and services, meet customer needs, and maintain a customer-centric approach.

Marketing Essentials

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
LO1..................................................................................................................................................1
P1 Key roles and responsibilities of marketing function.............................................................1
P2 Interrelationship of marketing with other functional departments of the organization..........2
LO2..................................................................................................................................................3
P3 Comparative analysis of marketing mix.................................................................................3
LO 3.................................................................................................................................................7
P4 Marketing Plan........................................................................................................................7
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Marketing is the process or set of activities undertaken to promote product and
services of the organization. It includes researching, selling, advertising and delivering
products to the end consumers. It involves all the actions company undertakes to draw
customer attention and maintaining a relationship with them by meeting up with the
customer’s needs and wants. In this report Marks and Spencer is taken. It is a leading
British multinational retailer, founded in 1884, specialized in selling high quality clothing,
food products and home products. It has over 850 stores in UK. This report includes the
key role and responsibilities of marketing function and its interrelation with other
functional units of the organization, comparing and analysing the ways organizations
apply 7Ps of marketing mix in order to achieve its business objectives and developing
and evaluating the strategic business plan to introduce new product in the market.
LO1
P1 Key roles and responsibilities of marketing function
Marketing plays a key role in promoting and establishing the business and
marketing department is the key to good sales and marketing. It is the way through
which people are made aware of the new product and services in the market in such a
way that people are interested in it and desires to acquire it. Some key roles and
responsibilities are described below.
Expand market: Marketers uses various communication tools, for instance, advertising,
promotion, event marketing, sales etc. to promote its products and services (Kotler,
2015). Emerging sources of marketing have made it more interactive. Marks and
Spencer emphasizes to provide common message through advertisement in TV, print
media and other social media campaign. It also participates in various events and
shows which helps in market expansion, increasing brand value and enhancing
revenue.
Meeting customers need and demand: Marketers needs to identify the consumer
needs and accordingly implement the marketing strategies. The needs of the customers
are influenced by the culture, belief, personality, lifestyle etc. Marks and Spencer has
used a selective targeting strategy to make its products attractive to the targeted
segment. Its proper positioning has also helped in positioning the brand in the minds of
the consumers. It has always tried to highlight the key benefits of its products and
services which create a sense of pride and satisfaction among consumers and
persuade them to buy its products.
Pricing products: Price plays a crucial role in marketing a product or services.
Marketer needs to undertake proper market research and analyse target market in order
to adapt right price for its product. A little variation in the price may increase the demand
for competitor’s product. Marks and Spencer follows competitive pricing strategy. It has
its own house brands so it has priced it from medium to higher category because of it
premium quality. It also follows dynamic strategy during seasonal times to offer huge
discount and other offers to its customers.
Market planning: Market is a dynamic place which keeps on changing so marketing
manager needs to create a marketing plan explaining the key marketing elements and
how it will be implemented in attaining business objectives (VERDOY ALVARO, 2013).
Marks and Spencer keeps on evaluating its marketing plan to make the relevant
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changes with the changing conditions, to be competitive on every step and take
competitive advantage over its competitors.
Being creative and innovative: Marketing department is known for its innovation
whether it is for launching new product or for any promotional activity. It needs to come
up with innovative ways to position its products into the mind of consumers. Marks and
Spencer has a wide range of product portfolio for all age group which are distinguished
from its competitors based on its designs and appearance. It also tries to be innovative
in its promotion strategy to grab customer attention which will increase its revenue and
profitability.
Customer support services: The success of marketing is measured through the
satisfaction level of its customers, so it is the important responsibility of the marketing
function to take care of its customers. It needs to provide customer support services
such as customer grievance handling, after sales service, consumer information etc.
Marks and Spencer has a structured customer support system. It has its blog, presence
over other social networking sites where it can handle its customer’s complaints. This
will help in getting and retaining the customers.
Keeping up with the competition: Marketing department needs to carry out market
research on a regular basis to identify emerging changes in the environment and look
for the solution for the same (Yu, Ramanathan and Nath, 2017). This will help in
overcoming the threats that may hamper the business operation. Marks and Spencer's
research team continuously works on analysing the market in order to identify the key
market threats in terms of competition, technological change, consumer needs and
preferences etc. so that a proper plan of action can be formulated to tackle with the
same.
P2 Interrelationship of marketing with other functional departments of the organization
An important task an organization faces while developing a business plan is to
coordinate and integrate plans with other functional departments to achieve overall
business objectives. Marketing function cannot work alone to achieve success, it is the
combine effort of all the departments and marketing is the centre point of this. Marks
and Spencer has several functional units which forms a direct relationship with the
marketing department which has been shown below.
Marketing and Finance: Every plan has a finance dimension. Money is the basic factor
in every organization. Finance department provides funds to carry out the marketing
plans based on projected financial statements, it also provides helpful information about
the pricing of the product as per customer expectation (Friesner Tim, 2014). Apart from
this, the development of plan involves the complete analysis of cash flow, capital
requirement and other financial policies which requires marketing information. In big
organization like Marks and Spencer, finance department provides forecasted profit and
loss statement and cash flow statement for short term and long term which helps in
forming financial and marketing policies.
Marketing and Human Resource: The HR department always tries to provide
personnel that will help in increasing the productivity of the organization. HR function
looks for recruitment, selection, training and development of the employees as per the
organizations need. Marketing department needs to accompany HR department in
formulating job description, designing training programs and creating incentive system.
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Marks and Spencer has efficient HR team which helps in recruiting required number of
personnel with relevant expertise based on the market research done by the marketing
team. So in order to have a strong team, marketing department needs to maintain a
good relationship with the HR department.
Marketing and Research and Development: The major link between marketing and
R&D revolves around the new product development. The need of potential customers is
the central of any new research and development which is based on the customer
insights provided by the marketing department (Chisholm, 2017). R&D department
works on the innovative ideas, product design which can benefit in attracting target
market segment. Marks and Spencer works in coordination with its R&D department to
meet the needs of its customers by creating and innovation products which can proved
to be a differentiating factor from its competitors and grab new opportunities.
Marketing and Production: Marketing department gathers a complete information
about the customer needs and expectation and sends this information to the production
department in order to produce what people want with the expected price. Production
department determines the number and types of products that can be produced with
specific design. Marketing department also spots the likes and dislikes of the people
about the product which helps production department to improve the quality of the
product. Marks and Spencer has a structured production system which is flexible
enough to change its production process as per the customer requirement. It also
maintains a good relationship with marketing department for working efficiently.
Marketing and Procurement: Marketing research regarding customer acceptance of
the new products is the major input for procurement planning process such as the type
of raw material required and the number of suppliers available. Sometimes companies
required to modify the material to cope up with the lack of availability of resources or
replace it with other easily available resources. The procurement team of Marks and
Spencer is effectively working to increase its connection with the suppliers to meet up
with the needs of raw material on time in required quantity. Marketing team requires
confirmation from the procurement team on the basis of which product is produced.
Marketing and Information Technology: Information technology is the important part
of the organization. IT and marketing is having a strong relationship with each other, as
a marketer needs to understand the customer, it requires companies to invest more
money in IT department. For marketing, information technology would be of great
importance such as database development, customer relationship management, data
analysis, website development and e-commerce, product enhancement etc. which
requires implementation of the latest technologies in the organization (Swink and
Schoenherr, 2015). In Marks and Spencer, the latest technologies have been
successfully adopted to improve its productivity and efficiency. Its marketing team
knows everything about its customer and the way it interacts with its products and
services. It has digitalized and automatized it business operations to meet with the need
of its customers.
LO2
P3 Comparative analysis of marketing mix
Every organization has his own marketing plan that describes the strategies of its
company in near future or within a year, month or quarter (Kayabasi, A. and Mtetwa, T.,
2016). The plan contain completed detail related to company position in the market,
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target customers, timeline when the work will be completed and business marketing
strategies. Marks and Spencer marketing plan make use of various marketing mix in
order to achieve the objectives of company. Marketing mix is a tool of marketing that is
used by marketer to increase sells or attract large number of customers. The marketing
mix used by Marks and Spencer in marketing plan are as follows:
Marketing Mix Marks and Spencer ASDA
Product Marks and Spencer offers high
quality clothing, food and
home product. The company is
able to expand its business as
it identifies the needs of the
customer that they are more
concerned about their health
thus offers high quality and
eco-friendly product to its
customers. Thus, It has highly
benefited from this strategy of
marketing mix of product as
the company is enjoying a
good market share by
maintaining its quality of the
product.
ASDA also deals in food,
clothing and home product but
at the same time it also offers
financial services to its
customers. The company is
able to expand its market share
by offering quality product at
reasonable rates. The company
is able to expand its market
share by offering quality
product at reasonable
rates,with products to cater
from every age group,beauty
products and luxury comfort
goods too for the younger
generation.
Place Marks and Spencer as
operating its business
worldwide it has multi-
channel for distribution of
product and services (Matic
ASDA sells its product
through online or through
various retailer that are close
connected with customers.
There are more than 500
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and et.al., 2019). The
company mainly sell its
product though stores that
are spread across UK in
high streets and near retail
parks. Online sale has
benefited the company
more than its retailer sales
as most customer in today
environment prefers online
shopping.
retailers in the UK that
provide quick and easy access
of its product to customers.
Asda stores are spread
globally with around 19
million customers who shop at
stores every week.
Price It is the most important factor
of marketing mix as it
represents the value of product
in terms of money. The
organization has to set such
price that is neither low nor
high that means the customers
are happy when they spend
little more for the thing that
works well. Marks and
Spencer have mainly focus on
providing quality product thus
they use value based pricing
that means the customer are
ready to buy the product due to
its quality. The company also
offer promotional discount at
regular interval in order to
attract customers but the
company has to change its
ASDA has use price strategies
in order to attract large
number of customer. It offers
product at reasonable price by
maintaining the same quality
of the product. Thus, this
factor play important role in
pursuing customers.
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price strategies as it facing
strong competition.
Promotion Marks and Spencer advertise
its product by bringing
celebrity to endorse customer
to buy their product and also
market their product online by
using social sites such as
Facebook, twitter. The
company also offer
promotional offer or discount
to its customer thus the
company has make use of
promotional marketing mix
tool in its marketing plan.
ASDA use various means to
promote its product such as by
giving advertisement on
television or radio, also use
social media such as
Facebook, twitter and also
works on innovative
promotion skills of its product
through personal selling.
People Marks and Spencer has
millions of customers and
83000 of employee that are
working in more than 1000
stores of company (Ojo, C.
and et.al, 2018). The
company play special
attention to its employee by
providing them training,
recognizing and rewarding
their effort, offering
discounts and other pension
benefit. Marks and Spencer
also play attention towards
the customer needs and
ASDA has numerous
employee in order to perform
various function. Thus, the
company make effort to
trained employee to handle
customer, to solve their query
and persevere them to buy
product it also provides
various incentives to the
employee on the basis of
performance.
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offer the best customer
service.
Physical Evidence Marks and Spencer offers
quality service to its
customers, use distinct packing
so that they can be easily
identified, the size of stores are
also big and the stores have
floor or section that classified
on the basis of women, men
and kids zones. It has its own
website that is user- friendly so
it provides ease to its customer
to shop online.
Sheer size, location and
number of stores is one of the
strength of ASDA. Its
products are arranged in well-
defined order and the outlet of
stores is also good.
Process Marks and Spencer has
provided good services to its
customer as it has trained and
skill employee and with the
use of social sites the company
is able to get feedback. Thus,
the company has make
effectively use of process
marketing tool in its marketing
plan.
ASDA follow well-defined
process and distribution
channel. The product are
manufacture and then its come
to wholesalers and then finally
its sold by retailer to its
customer.
LO 3
P4 Marketing Plan
Executive Summary
Marks and Spencer is planning to introduce organic product to its product line as the
customer nowadays are more concerned about their health. The company has done
pestle and swot analysis of the product before launching it into the market. The
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marketing plan of Marks and Spencer includes various marketing tools in order to
increase its sells and profit margin of the company.
Company background: Marks and Spencer is a British company that operates is
business around various nation and it is a retail industry that deals in high quality
clothing, home and food product. It was founded in year 1884 in Leeds, united kingdom
since 136 years by Michael Marks. It deals in various brand such as M&S collection,
M&S Energy, Blue Harbour, Rosie etc. and there are more than 1000 store across 50
countries.
Aim: To launch a new product within the markets of UK.
Objectives:
 To generate customer awareness related to new product.
 To increase the market share by 18%.
Pestle Analysis: The company has analysis and evaluate its external environmental
factor that will affect in launching of new product.
Political factor: Marks and Spencer has undertaken political factor while launching the
new product. The company has make all plan and policy as per the government policy,
had followed all rules related to manufacturing of products etc. Due to stable policy of
the government the company can easily expand its market share of new product.
Economical: Cost of production of organic product is high so it directly increases the
cost of the product on this basis the company target medium and high class people. On
the basis of economical factor the company has tried to satisfy the needs of the young
customer by selling organic product online.
Social factor: Marks and Spencer by considering social is able to attract large
customer as they are more educated and aware that quality matter a lot, and they
prefer to pay if the product value is as per the price of the product. So, Marks Spencer
launching organic food that is good for the health and thus, satisfy the needs of the
customers in the most effective way.
Technology factor: Marks and Spencer also consider technology factor in executing
its marketing plan as it make effectively utilization of present technique. The company
also upgrade its self as per the changes in the market it develops new technique to
produce organic food in order to minimize cost.
Swot analysis
Strength
 Operating its business globally
 Brand image
Weakness
 Poor customer satisfaction
 Reliance on UK market
Opportunity
 Online presence
 Expansion in international markets
Threats
 Competition
7P's of Marketing: The company has use various tools of marketing to sell the new
launch product or organic foods. The tools used by company are as follows :
Product: The company is able to satisfy the needs of the customer in the best possible
manner by launching organic foods in its product line.
Price: The company has to set such price that value their product and the consumer
are willing to pay for it easily.
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Place: The company has made separate section for organic food and the stores are
also located in high street where consumer prefers more organic food.
Promotion: Marks and Spencer can easily promote its organic product due to its brand
image and it can also make use of social sites.
People: The company has millions of customer and large number of employee with
high knowledge and skill thus it helps the company in launching of new product.
Physical distribution: Marks and Spencer has user -friendly website and the layout of
the store is also simple and attractive.
Process: As the company has easy process for ordering product online because of
user-friendly website that gives conveyance to its customer in online shopping.
STP: The company has divided the market into various category and thus on the basis
of its target certain groups of people and then the company has position its self in the
market.
Segmentation: Marks and Spencer has divided the customer on the basis of
demographic such as the age, education and gender on the basis of physiological such
as attitude of customer, their beliefs and values.
Targeting: Marks and Spencer has target medium to high class people as its mainly
focus on quality of product and its price is comparatively high. The company has also
target young customer as they prefer quality and organic product.
Positioning: The company has good portioning in the market that enables it's to
launch new product easily. Due to its brand image the customer will ready purchase
the new product as the company focus is to provide high quality product. The stores of
the company are also located in the high street and it’s also sell its product through
online that help the company to expand its business.
Budgeting: The estimated budget of the company is £3000.
Control and evaluation: The company has use various method to evaluate effective
implementation of marketing plan. It continuously evaluates, analysis and control the
functioning of the company marketing strategies and in case of deviation it takes
corrective measures to implement the plan effectively.
CONCLUSION
From the above analysis it can be concluded that marketing is the most important
function for an organization in achieving organizational objectives. It plays a major role
in overall business functioning as it is closely interrelated to other functional department
of the organization. A comparative analysis of marketing mix has helped in gaining the
insight about competitor’s position, its strengths and weaknesses which can be used in
taking the competitive advantage by formulating the business plan according to it. At
last, a detailed plan is carried out to market a new product using 7Ps of marketing mix
which will help in achieving overall business objectives of the organization.
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